The generational transition is an event full of technical/regulatory implications and economic issues but also intense on an emotional level.
For an entrepreneur, it is a difficult task to entrust a life's work, full of sacrifices and satisfactions, into the hands of a third party, without having certainties about the future.
Generational transition is a complex process, which involves multiple challenges, especially in terms of skills and managerial experience. Corporate culture and knowledge often differ from one generation to another. Changes can put a company in difficulty especially if there is a lack of communication and planning between the actors involved.
The transition between two different generations goes beyond the simple handover of the financial rudder: it requires active involvement of the new generations in wealth and tax management. The new generations bring with them a long-term vision, an approach that goes well beyond the short term. This perspective is essential for financial planning, as it takes into account the goals and difficulties that may emerge over the years.
Furthermore, young people are familiar with the latest financial technologies: they are, in fact, able to embrace digital solutions and innovative investment strategies, bringing flexibility and dynamism to the various procedures. This not only speeds up the decision-making process but also allows them to keep up with a constantly evolving financial world.
Involving the younger generations in financial management also offers the opportunity to explore new investment horizons and diversify the portfolio more effectively, reducing overall risk. This diversification can help ensure the stability and growth of financial assets in the long term.
Another key aspect is the preservation of corporate culture and family values. As they introduce new ideas and perspectives, new generations can play a crucial role in safeguarding these elements of identity. The balance between innovation and tradition is essential to maintain coherence within the company or family.
Finally, by involving young people in financial and fiscal management, it is possible to promote financial education within the family or the company itself. This approach prepares future generations to make conscious and informed financial decisions, thus ensuring sound and responsible financial and fiscal management.
The generational transition in the financial world is not a simple and immediate process but extraordinarily rich in opportunities. During the round table, the experts from Fidinam and Credinvest analyzed practical cases and concrete dynamics to provide basic guidelines.
What emerged from the round table of Credinvest Bank and Fidinam Group
What are the most important aspects in the context of a succession? First of all, it is essential to have a clear strategy, that is, to be able to give financial priorities and identify the core values of the company.
Secondly, it is essential to plan ahead, evaluating different strategic options and therefore not thinking about succession only later, in a situation of extreme necessity or urgency. Finally, it is necessary to evaluate the value of the company and the interests of both those who are there today and those who will hold the reins tomorrow. We often forget to carefully manage our personal assets, not separating them from the company's assets.
During the round table, Swiss and Italian taxation (specifically real estate, liquid assets, works of art) were compared, analyzing the main differences with the related opportunities and most common risks.
In parallel to the workshop, an exhibition of contemporary works curated by Deodato Arte was set up, dedicated to the theme of generational transition. The works of art deal with universal and timeless themes such as identity and change. These topics are particularly relevant when talking about generational change, since each generation brings with it new ideas, values and challenges. Art therefore becomes an educational and comparison tool, allowing people of all ages to reflect on their role in society and to better understand the point of view of others.
Credinvest Bank
With a holistic approach and tailored solutions, Credinvest Bank supports its clients throughout their lives, and possibly even their children's lives, with advisory and wealth management services.
Fidinam Group
Fidinam Group offers, among other services, a complete tax consultancy to plan in a complete manner any type of succession. From here the collaboration is born, from the experience in the territory and professionalism in the matter.
Speakers
Rudy Summerer
Tax Expert. Associate Partner and Co-Head of the Swiss Tax Competence Center, Fidinam & Partners SA (Lugano). He is a qualified tax expert and has gained almost 30 years of experience at major international consulting firms in the Ticino area.
Joseph Lerose
Associate Partner and Co-Head of the Swiss Tax Competence Center, Fidinam & Partners SA (Lugano). He is a specialist in federal finance and accounting and a specialist in national and international taxation. He has been at Fidinam & Partners for 6 years and is also responsible for the M&A Tax sector.
Raffaella Arena
Lawyer and Partner Fidinam & Associati Multidisciplinare S. t. A. srl (Milan). She is a tax lawyer, specialized in tax law, Italian and international taxation and asset protection. For 6 years she has been a Partner of the Italian office of Fidinam.
Philip Tornambe
Lawyer and Partner Fidinam & Associati Multidisciplinare S. t. A. srl (Milan). He is a tax lawyer with a specialization in wealth planning and international tax. He has been a Partner of the Italian office of Fidinam for 6 years.
Daniel Jaeger
General Counsel Credinvest Bank, responsible for legal, compliance and anti-money laundering matters, operates in both Lugano and Zurich. He obtained his lawyer's license in Zurich in 2009. Before joining Credinvest, he gained various professional experiences in law firms and held positions of responsibility in other banking institutions and in a legal-regulatory consultancy firm for financial institutions.
Irma Empty
Relationship Manager in the private banking team Credinvest Bank in Lugano. Over fifteen years in close contact with the main trust companies and banks in Ticino have allowed her to develop an excellent capacity for dialogue and active listening. Irma is able to satisfy the needs of customers in the fastest and most efficient way possible by offering tailor-made solutions.
